Renowned economist, Dr. Ayo Teriba has applauded Lagos State’s N2.23 trillion budget estimate for 2024, describing it as record-setting, audacious and impressive because the project proposed for the budget will be funded from Internally Generated Revenue (IGR). Teriba, who gave the commendation on Thursday on Arise News Global Business Report, noted that the N1.2 trillion of the projected N1.8 trillion …

Rivers State Governor, Sir Siminalayi Fubara, on Thursday, signed into law the 2024 Appropriation Bill of N80 billion. This came a day after he presented the budget estimates to the state House of Assembly, led by Rt. Hon. Edison Ehie. Ehie and his loyalists speedily approved the bill. The signing ceremony was held in the conference room of the Governor’s …

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Tuesday, said his administration is committed to positioning Micro, Small and Medium Enterprises (MSMEs) to take advantage of the Africa Continental Free Trade Area, (AfCFTA) by providing a platform and exposing them to skills required to accelerate the effectiveness to stimulate intra-African trade. He charged Nigerians, particularly small and medium-scale entrepreneurs to tap …

The Federal Government, through the Ministry of Solid Minerals Development, is exploring collaboration with the World Bank to unlock financing and technical support for the development of the mining sector. During a courtesy visit to the Minister, Dr. Dele Alake on Monday, World Bank Country Director for Nigeria, Mr. Shubham Chaudhuri expressed satisfaction with the renewed focus on development of …

President Bola Tinubu, on Thursday, in Abuja expressed optimism about the prospects of increased investments from Shell Petroleum Development Company of Nigeria (SPDC), emphasising Nigeria’s long-term relationship with the company, which discovered the first commercial oil field at Oloibiri in the Niger Delta in 1956. This is as SPDC’s Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich announced an …

The Senate committees on Appropriations and Solid Minerals on Wednesday affirmed the imperative of increasing budgetary allocations to the solid minerals development ministry to enable the mining sector lead the way in diversifying the nation’s economy. Addressing the Senate committee on Solid minerals during a budget defence session, the Minister of Solid Minerals Development, Dr. Dele Alake reeled out his …

The Nigerian Maritime Administration and Safety Agency (NIMASA) has been sanctioned by the Financial Reporting Council of Nigeria (FRC) for violating government’s rules in financial reporting. The council has not only asked the maritime regulatory agency to pay an infringement fine of N500 million, it’s Director General, Dr Bashir Jamoh has been suspended from certifying any financial records in Nigeria. …

President Bola Tinubu said Nigeria is taking a significant step towards a sustainable and eco-friendly future by introducing a pioneering initiative to deploy a fleet of 100 electric buses. At a high-level meeting with stakeholders and investors on the Nigeria Carbon Market and Electric Buses Rollout Programme on Saturday in Dubai, United Arab Emirates, on the margins of the COP28 …

Companies in Nigeria continued to be negatively impacted by strong inflationary pressures in November, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. The headline figure derived from the …

Efforts by the Controller General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi to reduce congestion, and ease the cost of doing business at the ports may suffer set back with the poor power outages and worrisome security challenges at the terminals. Recently, Adeniyi announced that the Tin Can Island Port would serve a test run for his reintroduction …